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This kind of came out of the blue (for my daughter as well) she's on the title so they could put 10% dep instead of 20%.
It was cheap and the rent is paying the mortgage but of course if the tenant leaves and they cant find another ,things could get a bit sticky.
To answer your question BG -Im concerned my daughter wasnt really involved in the purchase (except putting signing her name on the title) AND that it is in Matarua.
Funny Damap--I just used the same quote (except the original ''Heaven'',to describe our trip to Queenstown :>)
If your daughter was worried, then she shouldn't have signed the mortgage documents!
But now, as the loan documents have been signed, I'm guessing your daughter will be liable for the mortgage, through being the borrower and probably through a personal guarantee as well.
Ross
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Ross Barnett - Property Accountant
As far as I know ,the mortgage is in his name,but her name is on the title--(is that possible?)(she didnt really want to talk about it) its more me trying to look out for her.
Rosco--Its me who is worried--She wasnt(although she most likely should have been) He did all the research ,found the house and sorted the paperwork and payed the deposit.She just signed,what she thought was the title (i guess)
As far as I know ,the mortgage is in his name,but her name is on the title--(is that possible?)(she didnt really want to talk about it) its more me trying to look out for her.
No it is not possible. Every registered proprietor on a title must agree to the encumbrance - in this case the mortgage. She has to have signed loan docs and an A&I to become an owner and a mortgagor.
There are perfectly good homes in Mataura and it is close to Gore. Also near the Fonterra factory at Edendale, the Dong Wa plant, the local freezing works (albeit partly demolished) and a huge busy farming area. Not a place for capital gains but probably far more attractive than say Tokoroa.
I have an Irish friend who has settled on 5 acres just out of Mataura and thinks shes in heaven after living in Londonderry.
Skid, could this be the first property that your daughter owned? She must have also wenwith her partner to the lawyer to sign all the papers and the lawyer to explain he liability.
As someone else mentioned on this thread, she is now 100% liable not just 50%.
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yes,first property--she came back from overseas vacation with us to find her partner had gone out and bought it--then Im guessing it was ''I just need you to sign so I can put down less of a deposit''--Shes Kiwi--He is British with new permanent residence (from her)
To be honest, maybe it'll go well, maybe it won't, but at the end of the day; is it worth stressing this much over $50k? Even if it goes pear shaped, at least it's only $50k not $500.
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